Shoppers could see more special events as part of plans to privatise the running of a town’s historic market.

Market Place Management (MPM) has been awarded the contract to operate Newcastle market from February next year.

It comes after Newcastle Borough Council warned the venue was at risk of ‘further decline’ unless action was taken. But stallholders have raised fears it could either lead to a hike in rents or the market staying open for longer hours.

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Stalybridge-based MPM already operates several markets on behalf of other local authorities and also specialises in one-off continental and Christmas markets.

The council said the new five-year contract would bring an undisclosed amount of extra investment into the town’s stalls.

Newcastle market

Council leader Elizabeth Shenton said: “This new arrangement with Market Place Management, who have an excellent track record and vast experience in this area, will help the traditional market to develop its offer to suit more modern tastes and secure an exciting future.”

The plans include support for the national Real Deal campaign, which sees market operators work with trading standards teams to prevent fake or illicit goods being sold on stalls. It could tie in with a new customer charter aimed at improving the experience for shoppers.

There will also be a programme of market events, along with seasonal-themed activities and promotions.

But Nick Rhodes, chief executive of Market Place, said they wanted to see how the market operates first before implementing any major changes.

He added: “We are thrilled to have been appointed to manage this wonderful market and look forward to building on the previous good work."

Traders have mixed views about the move.

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John Wain runs a toy stall on the market. The 59-year-old, from Trent Vale, said: “We’ve heard they want to start at 9am and finish at 5pm. In winter, that would mean it would be pitch black by the time we finish and everyone else will have gone home.

“But something does need to be done to improve the market. There are at least 12 empty stalls some days. It could be a good move.”

Fellow stall holder Leonard White, whose family have had a fruit and vegetable business at the market for 104 years, is unhappy about the plans.

The 74-year-old, from Clayton, said: “I’m totally against it. This is a charter market and it was given to the people of Newcastle. I don’t think they should be allowed to privatise it.”

But Eddie Leligdowicz, chairman of Newcastle’s business improvement district (BID), has welcomed MPM’s involvement.